Weak domestic housing market hits Heijmans
28 February 2013
Dutch contractor Heijmans reported net losses and substantial write-downs as the Netherlands housing market remains weak. Heijmans sold 1,081 houses in 2012 compared with 1,248 in 2011.
The firm reported a positive underlying operating profit for 2012 of €27 million, down from €32 million in 2011. However, Heijmans saw good results in infrastructure in the Netherlands, Belgium and Germany.
The 2012 financial year saw a net loss of €89 million. This was affected by a €60 million write-down on intangible assets, reorganisation costs of €29 million and value adjustments of property assets of €35 million.
The order book was also affected, down to €2 billion compared with €2.2 billion the year previous.
The positive operating results and the company’s financial health give us confidence for the future. The situation in the housing market remains dramatic and this has led to write-downs on our property holdings and a reorganisation at Residential Building. At the same time, the measures we have taken in non-residential have not yet yielded visible results,” explained Bert van der Els, chairman of the Heijmans executive board.
“Roads and civil engineering, both in the Netherlands and abroad, performed well overall, partly on the back of innovations and new forms of contract. The National Military Museum in Soesterberg, the Energiefabriek in Tilburg and the Smart Highway signal a new and distinctive signature in these difficult times,” he added.